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Health Insurance is one of the basic needs of an individual, critical to safeguarding short and long-term health contingencies in the midst of an ever-increasing rises in the cost of healthcare. Global healthcare spending is slated to accelerate further, according to a report by Deloitte, where it has been stated that it is expected to rise at an average of 5.2% a year between 2014-2018, to $9.3 trillion. While the governments of countries like France, Germany, UK and Australia provide national healthcare services through taxation, regulation and legislation, many other nations are still to catch up.

Though health insurance has been a commodity provided by Governments at large, over the past decade, private health insurance has been playing an increasingly important role in the world.…